I beleived that too. But recently, one of my uncles, who was being considered to be promoted to being a director in his company, was rejected because the other person who got promoted, had a masters degree.

And my uncle was like, "I wish I had done my masters degree when I was young".

It feels stupid to say this out loud, but this incident did impact my thinking.

Edit: My uncle works at an automobile parts manufacturing company, I'm not sure how his experience applies to software industry.